FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Full name of discloser: | BNP Paribas SA |
| (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. | |
| (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Aviva plc |
| (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: | |
| (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure | 10/01/2025 |
| (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" | Yes If YES, specify which: Direct Line Insurance Group plc |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
| Class of relevant security:
| GB00BPQY8M80 (32 17/19p ordinary) | |||
|
| Interests | Short positions | ||
|
| Number | % | Number | % |
| (1) Relevant securities owned and/or controlled: | 24,031,817 | 0.8975 | -14,876,129 | -0.5556 |
| (2) Cash-settled derivatives: | 2,179,269 | 0.0814 | -16,890,454 | -0.6308 |
| (3) Stock-settled derivatives (including options) and agreements to purchase/sell: | 86,000 | 0.0032 | +0 | +0.0000 |
| TOTAL: | 26,297,086 | 0.9821 | -31,766,583 | -1.1864 |
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
| Class of relevant security in relation to which subscription right exists: | |
| Details, including nature of the rights concerned and relevant percentages: |
|
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
| Class of relevant security | Purchase/sale
| Number of securities | Price per unit |
| GB00BPQY8M80 | Purchase | 5 | 4.7741 GBP |
| GB00BPQY8M80 | Purchase | 7 | 4.7624 GBP |
| GB00BPQY8M80 | Purchase | 8 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 13 | 4.7770 GBP |
| GB00BPQY8M80 | Purchase | 15 | 4.7543 GBP |
| GB00BPQY8M80 | Purchase | 20 | 4.7757 GBP |
| GB00BPQY8M80 | Purchase | 21 | 4.7549 GBP |
| GB00BPQY8M80 | Purchase | 30 | 4.7852 GBP |
| GB00BPQY8M80 | Purchase | 31 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 34 | 4.7616 GBP |
| GB00BPQY8M80 | Purchase | 34 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 42 | 4.7736 GBP |
| GB00BPQY8M80 | Purchase | 49 | 4.7621 GBP |
| GB00BPQY8M80 | Purchase | 55 | 4.7560 GBP |
| GB00BPQY8M80 | Purchase | 56 | 4.7560 GBP |
| GB00BPQY8M80 | Purchase | 57 | 4.7600 GBP |
| GB00BPQY8M80 | Purchase | 67 | 4.7530 GBP |
| GB00BPQY8M80 | Purchase | 70 | 4.7706 GBP |
| GB00BPQY8M80 | Purchase | 71 | 4.7608 GBP |
| GB00BPQY8M80 | Purchase | 73 | 4.7647 GBP |
| GB00BPQY8M80 | Purchase | 75 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 78 | 4.7588 GBP |
| GB00BPQY8M80 | Purchase | 78 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 93 | 4.7490 GBP |
| GB00BPQY8M80 | Purchase | 95 | 4.7608 GBP |
| GB00BPQY8M80 | Purchase | 97 | 4.7577 GBP |
| GB00BPQY8M80 | Purchase | 98 | 4.7370 GBP |
| GB00BPQY8M80 | Purchase | 118 | 4.7516 GBP |
| GB00BPQY8M80 | Purchase | 172 | 4.7560 GBP |
| GB00BPQY8M80 | Purchase | 221 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 237 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 258 | 4.7699 GBP |
| GB00BPQY8M80 | Purchase | 261 | 4.7808 GBP |
| GB00BPQY8M80 | Purchase | 325 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 341 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 350 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 359 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 359 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 359 | 4.7780 GBP |
| GB00BPQY8M80 | Purchase | 364 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 369 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 376 | 4.7631 GBP |
| GB00BPQY8M80 | Purchase | 381 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 383 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 383 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 384 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 386 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 388 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 400 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 400 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 400 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 404 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 404 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 411 | 4.7583 GBP |
| GB00BPQY8M80 | Purchase | 501 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 512 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 520 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 566 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 588 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 589 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 589 | 4.7780 GBP |
| GB00BPQY8M80 | Purchase | 600 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 607 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 619 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 631 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 644 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 696 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 696 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 696 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 700 | 4.7610 GBP |
| GB00BPQY8M80 | Purchase | 744 | 4.7720 GBP |
| GB00BPQY8M80 | Purchase | 1,000 | 5.8000 EUR |
| GB00BPQY8M80 | Purchase | 1,053 | 4.7750 GBP |
| GB00BPQY8M80 | Purchase | 1,054 | 4.7740 GBP |
| GB00BPQY8M80 | Purchase | 1,273 | 4.7358 GBP |
| GB00BPQY8M80 | Purchase | 1,335 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 1,606 | 4.7673 GBP |
| GB00BPQY8M80 | Purchase | 1,700 | 4.7586 GBP |
| GB00BPQY8M80 | Purchase | 2,020 | 4.7770 GBP |
| GB00BPQY8M80 | Purchase | 2,561 | 4.7760 GBP |
| GB00BPQY8M80 | Purchase | 2,580 | 4.7546 GBP |
| GB00BPQY8M80 | Purchase | 2,745 | 4.7640 GBP |
| GB00BPQY8M80 | Purchase | 2,971 | 4.7770 GBP |
| GB00BPQY8M80 | Purchase | 3,075 | 4.7575 GBP |
| GB00BPQY8M80 | Purchase | 3,075 | 4.7575 GBP |
| GB00BPQY8M80 | Purchase | 4,000 | 5.7000 EUR |
| GB00BPQY8M80 | Purchase | 4,406 | 4.7347 GBP |
| GB00BPQY8M80 | Purchase | 4,666 | 4.7520 GBP |
| GB00BPQY8M80 | Purchase | 5,000 | 4.7500 GBP |
| GB00BPQY8M80 | Purchase | 5,593 | 4.7770 GBP |
| GB00BPQY8M80 | Purchase | 9,904 | 4.7534 GBP |
| GB00BPQY8M80 | Purchase | 10,272 | 4.7592 GBP |
| GB00BPQY8M80 | Purchase | 11,318 | 4.7529 GBP |
| GB00BPQY8M80 | Purchase | 14,107 | 4.7427 GBP |
| GB00BPQY8M80 | Purchase | 16,312 | 4.7210 GBP |
| GB00BPQY8M80 | Purchase | 20,029 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 25,000 | 4.7730 GBP |
| GB00BPQY8M80 | Purchase | 37,227 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 44,073 | 4.7238 GBP |
| GB00BPQY8M80 | Purchase | 45,240 | 4.7296 GBP |
| GB00BPQY8M80 | Purchase | 47,860 | 4.7552 GBP |
| GB00BPQY8M80 | Purchase | 81,914 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 85,127 | 4.7381 GBP |
| GB00BPQY8M80 | Purchase | 135,572 | 4.7382 GBP |
| GB00BPQY8M80 | Purchase | 203,098 | 4.7180 GBP |
| GB00BPQY8M80 | Purchase | 255,945 | 4.7259 GBP |
| GB00BPQY8M80 | Purchase | 4,330,891 | 4.7700 GBP |
| GB00BPQY8M80 | Sale | -361,297 | 4.7393 GBP |
| GB00BPQY8M80 | Sale | -193,512 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -174,887 | 4.7272 GBP |
| GB00BPQY8M80 | Sale | -156,875 | 4.7458 GBP |
| GB00BPQY8M80 | Sale | -95,668 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -91,922 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -88,493 | 4.7189 GBP |
| GB00BPQY8M80 | Sale | -83,964 | 4.7393 GBP |
| GB00BPQY8M80 | Sale | -81,970 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -76,848 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -75,683 | 4.7510 GBP |
| GB00BPQY8M80 | Sale | -66,502 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -53,066 | 4.7590 GBP |
| GB00BPQY8M80 | Sale | -33,935 | 4.7503 GBP |
| GB00BPQY8M80 | Sale | -32,309 | 4.7510 GBP |
| GB00BPQY8M80 | Sale | -31,892 | 4.7393 GBP |
| GB00BPQY8M80 | Sale | -16,292 | 4.7605 GBP |
| GB00BPQY8M80 | Sale | -14,509 | 4.7609 GBP |
| GB00BPQY8M80 | Sale | -14,020 | 4.7656 GBP |
| GB00BPQY8M80 | Sale | -10,272 | 4.7592 GBP |
| GB00BPQY8M80 | Sale | -7,171 | 4.7173 GBP |
| GB00BPQY8M80 | Sale | -7,156 | 4.7510 GBP |
| GB00BPQY8M80 | Sale | -5,266 | 4.7448 GBP |
| GB00BPQY8M80 | Sale | -4,924 | 4.7698 GBP |
| GB00BPQY8M80 | Sale | -4,000 | 5.7000 EUR |
| GB00BPQY8M80 | Sale | -3,327 | 4.7173 GBP |
| GB00BPQY8M80 | Sale | -2,736 | 4.7573 GBP |
| GB00BPQY8M80 | Sale | -2,459 | 4.7200 GBP |
| GB00BPQY8M80 | Sale | -1,964 | 4.7822 GBP |
| GB00BPQY8M80 | Sale | -1,028 | 4.7588 GBP |
| GB00BPQY8M80 | Sale | -1,019 | 4.7338 GBP |
| GB00BPQY8M80 | Sale | -1,000 | 5.8000 EUR |
| GB00BPQY8M80 | Sale | -536 | 4.7480 GBP |
| GB00BPQY8M80 | Sale | -516 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -411 | 4.7583 GBP |
| GB00BPQY8M80 | Sale | -376 | 4.7631 GBP |
| GB00BPQY8M80 | Sale | -364 | 4.7180 GBP |
| GB00BPQY8M80 | Sale | -258 | 4.7699 GBP |
| GB00BPQY8M80 | Sale | -172 | 4.7560 GBP |
| GB00BPQY8M80 | Sale | -118 | 4.7516 GBP |
| GB00BPQY8M80 | Sale | -97 | 4.7577 GBP |
| GB00BPQY8M80 | Sale | -95 | 4.7608 GBP |
| GB00BPQY8M80 | Sale | -78 | 4.7588 GBP |
| GB00BPQY8M80 | Sale | -73 | 4.7647 GBP |
| GB00BPQY8M80 | Sale | -71 | 4.7608 GBP |
| GB00BPQY8M80 | Sale | -70 | 4.7706 GBP |
| GB00BPQY8M80 | Sale | -49 | 4.7621 GBP |
| GB00BPQY8M80 | Sale | -42 | 4.7736 GBP |
| GB00BPQY8M80 | Sale | -34 | 4.7616 GBP |
| GB00BPQY8M80 | Sale | -30 | 4.7852 GBP |
| GB00BPQY8M80 | Sale | -21 | 4.7549 GBP |
| GB00BPQY8M80 | Sale | -20 | 4.7757 GBP |
| GB00BPQY8M80 | Sale | -15 | 4.7543 GBP |
| GB00BPQY8M80 | Sale | -13 | 4.7770 GBP |
| GB00BPQY8M80 | Sale | -7 | 4.7624 GBP |
| GB00BPQY8M80 | Sale | -5 | 4.7741 GBP |
(b) Cash-settled derivative transactions
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
| GB00BPQY8M80 | Contract for Difference | Opening Long Position | 48,444 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Opening Short Position | -285,434 | 4.7180 |
| GB00BPQY8M80 | Contract for Difference | Closing Short Position | 6,888 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Closing Short Position | 88,493 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Long Position | 32,309 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Long Position | 7,156 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Long Position | 75,683 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Long Position | 285,434 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Long Position | 5,780 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -1,923 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -7,293 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -22,473 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -26,715 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -55 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -1,072 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Increasing Short Position | -144 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Long Position | -4,032,624 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Long Position | -123,380 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Short Position | 63,378 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Short Position | 3,327 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Short Position | 7,171 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Short Position | 712 | 4.7180 GBP |
| GB00BPQY8M80 | Contract for Difference | Reducing Short Position | 559 | 4.7180 GBP |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
| | | | | | | | |
(ii) Exercise
| Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
|
|
|
|
|
|
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
|
|
|
|
|
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none" |
|
None
|
(b) Agreements, arrangements or understandings relating to options or derivatives
| Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
| None
|
(c) Attachments
| Is a Supplemental Form 8 (Open Positions) attached? | Yes |
Date of disclosure: | 13/01/2025 |
Contact name: | Compliance Control Room |
Telephone number*: | 0207 595 9695 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS,
AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")
| 1. | KEY INFORMATION | |
| Full name of person making disclosure:
| BNP Paribas SA |
| Name of offeror/offeree in relation to whose relevant securities the disclosure relates: | Aviva plc |
| 2. | STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS) | |
| Class of relevant security | Product description e.g. call option | Written or purchased | Number of securities to which option or derivative relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date |
| 32 17/19p ordinary (GB00BPQY8M80) | Call Option | P | 86000 | 4.718 | american | 19/12/2025 |
| 3. | AGREEMENTS TO PURCHASE OR SELL ETC. | |
| Full details should be given so that the nature of the interest or position can be fully understood: |
|
|
| It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives. | |
| The currency of all prices and other monetary amounts should be stated. | |
| The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. | |
| The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk | |
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